Last mile delivery, also known as last mile logistics, is the last leg of a journey comprising movement of goods from a transportation hub or warehouse to the final delivery destination. Last mile delivery market aims to deliver items to customers as quickly as possible while minimizing company costs. Last mile delivery accounts for more than 50% of the total shipping cost. It is mostly used in food, e-commerce, retail, or pharmaceutical industries. Present, increased use of internet along with the expansion of the e-commerce industry fuel the adoption of online shopping, which in turn requires better and efficient means to deliver the product to the customer. Thus, various product delivery services have been adopted by companies such as use of drones and ground delivery vehicles.
According to the report, the global last mile delivery industry generated $131.5 billion in 2021, and is expected to reach $288.9 billion by 2031, witnessing a CAGR of 8.1% from 2022 to 2031.
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Leading Market Players
- A1 Express Services Inc.
- Amazon.com
- Aramex
- BEST Inc
- DB Schenker
- Deutsche Post AG (DHL GROUP)
- DPD
- Drone Delivery Canada
- Dropoff, Inc.
- DSV (DSV PANALPINA)
- FedEx
- Flirtey
- Flytrex
The regular delivery segment to continue its dominant share during the forecast period
Based on delivery mode, the regular delivery segment contributed to the highest market share in 2021, contributing to more than two-thirds of the global last mile delivery market, and is estimated to continue its dominant share during the forecast period. This is attributed to this mode being relatively less expensive as compared to same-day express or delivery mode. However, the same-day delivery or express delivery segment is expected to manifest the fastest CAGR of 10.5% from 2022 to 2031, owing to increased demand for easy and quick availability of various products across the globe.
The e-commerce segment to maintain its leadership status by 2031
Based on application, the e-commerce segment held the highest share in 2021, accounting for nearly two-fifths of the global last mile delivery market, and is projected to maintain its leadership status by 2031. This is due to surge in online shopping, rise in number of businesses coming online, and increase in penetration of internet across the world. However, the retail and FMCG segment is projected to witness the highest CAGR of 9.6% from 2022 to 2031, owing to supply of local and international brands to shoppers and other advantages in terms of skills, labor costs, access to raw materials, ease of doing business, and proximity to customers.
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Asia-Pacific to continue its lead position by 2031
Based on region, Asia-Pacific contributed to the highest market share in terms of revenue in 2021, accounting for more than one-third of the global last mile delivery market, and is projected to continue its lead position by 2031. This is attributed to surge in standards of living, high government support for development of logistics infrastructure, rise in international trade, and significant rise in online-commerce retail sales. However, LAMEA is estimated to witness the largest CAGR of 10.1% during the forecast period. This is due to increase in demand for fast transport services, economic development, rise in customer demand for same-day deliveries with the e-commerce growth, increase in number of new start-ups, and strong presence of local and international players.
Covid-19 Scenario
- During the Covid-19 pandemic, the e-commerce sector has experienced a sluggish growth in various categories such as groceries and home care as the lockdown restriction and social distancing made it difficult for people to procure products in these categories.
- Increase in demand for contactless delivery from customers and the expansion of the e-commerce sector during the pandemic led to the growth of the last mile delivery market.
- In addition, partnerships and collaboration activities between various companies and autonomous vehicle & ground delivery bot manufacturers improved the service and raised the demand for last mile delivery market.
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐚𝐭 – https://www.alliedmarketresearch.com/request-for-customization/5163
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